- 13 Jul '23 at 8:52 am #62048
Initial jobless claims for the week ending July 8 decreased by 12,000 to 237,000 (consensus 247,000) while continuing jobless claims for the week ending July 1 increased by 11,000 to 1.729 million.
The key takeaway from the report is the understanding that initial jobless claims continue to run well below recession-like levels, reflecting a continued solid state for the labor market that is supportive of consumer spending growth and the soft landing view.
Treasury yields are little changed from levels seen before the data releases.
The 2-yr note yield is down eight basis points to 4.65%. The 10-yr note yield is down three basis points to 3.82%.13 Jul '23 at 8:53 am #62049
Dow +81.13 at 34428.47, Nasdaq +108.10 at 14027.44, S&P +21.51 at 4494.94
S&P 500 and Nasdaq trade near their best levels of the day. The S&P 500 is stuck just below the 4,500 level, reaching 4,499 at its high of the day.
The advance-decline favors advancers by a 5-to-2 margin at the NYSE and a better than 2-to-1 margin at the Nasdaq.
Small caps and semiconductor stocks are outperforming, reflecting the market’s positive economic outlook. The Russell 2000 is up 0.8% and the PHLX Semiconductor Index is up 0.8%.
The Vanguard Mega Cap Growth ETF (MGK) is up 0.9% and the Invesco S&P 500 Equal Weight ETF (RSP) is up 0.4%.
The positive bias has nine of the 11 S&P 500 sectors trading up. The communication services (+1.3%), information technology (+0.7%), and consumer discretionary (+0.7%) sectors lead the pack while the real estate (-0.4%) and consumer staples (-0.1%) sectors bring up the rear.
Treasury yields are moving lower again today, acting as a source of support to the equity market.
The 2-yr note yield is down nine basis points to 4.65% and the 10-yr note yield is down five basis points to 3.81%.13 Jul '23 at 1:17 pm #62081
RALLY TIME continues on WALL STREET 🙂
Still be careful as Icarus flew too high on those golden wings of WAV
as performed in HOUSTON TEXAS 1980 by 1 of FAV groups all time 🙂
13 Jul '23 at 1:20 pm #62083
- This reply was modified 4 months, 4 weeks ago by CautiousInvestor.
^^^ +1’s to great poster of breaking market news – lol13 Jul '23 at 1:58 pm #62084
Dow 34,394.29 46.86 0.14%
S&P 500 4,509.96 37.80 0.85%
Nasdaq 14,138.57 219.61 1.58%
VIX 13.53 -0.01 -0.07%
Gold 1,964.70 3.00 0.15%
Oil 77.21 1.46 1.93%
A song of celebration from 1 of FAV all-time 🙂13 Jul '23 at 6:19 pm #62088
Leslie’s (LESL) guides Q3 EPS and revs below consensus; lowers FY23 outlook due to traffic declines in Residential and Pro businesses; CFO Steve Weddell stepping down, effective August 7; to be succeeded by Scott Bowman.
LESL down 18.6%13 Jul '23 at 6:22 pm #62089
Acadia Pharmaceuticals (ACAD) Acquires Ex-North American Rights to Trofinetide and Global Rights to Neuren’s NNZ-2591 in Rett Syndrome and Fragile X Syndrome.
ACAD up 28.6%13 Jul '23 at 6:28 pm #62090
This is ground control …
Intuitive Machines shares soar after successfully conducted a complete spacecraft test run of its Nova-C lunar lander.
$LUNR up 22.6%13 Jul '23 at 6:51 pm #62091
Aehr Test Systems (AEHR) guides MayQ EPS and revs above dual est consensus; guides FY24 revs in-line…
AEHR up 6.4%13 Jul '23 at 6:52 pm #62092
TELUS International (TIXT) guides Q2 EPS and revs below consensus; lowers FY23 guidance; announces staff reductions to address lower service volumes in the technology vertical…
TIXT down 6.6%13 Jul '23 at 6:52 pm #62093
Theseus Pharmaceuticals (THRX) to Discontinue Enrollment in Phase 1/2 Study and Terminate Development of THE-630 in Patients with GIST…
THRX down 73.7%13 Jul '23 at 6:53 pm #62094
Telus (TU) lowers its FY23 consolidated operating revenue growth forecast to +9.5-11.5% from +11.0-14.0% due to global macroeconomic pressures; releases operating metrics…
TU down 6.6%13 Jul '23 at 6:54 pm #62095
Fair Value for Friday, July 14:
S&P 500: 4,543
Nasdaq 100: 15,709
DJIA: 34,58314 Jul '23 at 8:11 am #62101
Equity indices in the Asia-Pacific region ended the week on a mostly higher note.
Japan’s Nikkei: -0.1% (UNCH for the week)
Hong Kong’s Hang Seng: +0.3% (+5.7% for the week)
China’s Shanghai Composite: UNCH (+1.3% for the week)
India’s Sensex: +0.8% (+1.2% for the week)
South Korea’s Kospi: +1.4% (+4.0% for the week)
Australia’s ASX All Ordinaries: +0.8% (+3.8% for the week)14 Jul '23 at 8:12 am #62102
Chinese officials pushed back against speculation that the Chinese economy is facing a deflationary risk in the second half.
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